Forex reserves touch new historic high of $24.5 bn

ISLAMABAD, Oct 14 (APP): Minister for Finance, Senator
Mohammad Ishaq Dar here on Friday announced that the Foreign Exchange reserves of the country have reached the new historic high of $24.5 billion.

In a statement, the Finance Minister congratulated the Prime
Minister and the Nation on this achievement.

“There was a time when the country had reserves equal to a few weeks payment of the import bill but now we have reached a level where we have foreign exchange reserves equal to 6 months of import bill” said the Finance Minister.

The Minister also informed that out of the total, State Bank
of Pakistan (SBP) has $19.5 billion whereas commercial banks have $5 billion of these reserves.

“We have worked really hard to reach this new level of
reserves. Pakistan is not what it was three years ago, the country is more stable and the international investors see Pakistan as new destination for their investments”, he said adding all this had happened with the constant hard work and team effort under the leadership of the Prime Minister.